Despite some volatility, the Bitcoin price remained, by and large, stable last week as it hovered in a range between $9,250 and $9,500.
The bulls may have a slight upper hand at this juncture. The alpha-crypto broke out from a descending resistance line yesterday and now appears to be aiming for an upward move towards $9,600.
With that said, a breakout from the current pattern doesn’t necessarily mean that a significant rally is on the cards. As BeInCrypto reported earlier on Sunday, a major rally could potentially occur, but only if BTC closes above $10,500 on the weekly chart.
Meanwhile, in the realm of altcoins, ICON (ICX) and Dusk Network (DUSK) could resume their previous upward momentum. More on that and other big stories from the past 24 hours in this latest edition of BeInCrypto’s Cryptocurrency News Roundup.
Bitcoin Analysis for June 22
Over the longer-term, BTC has been trading inside a descending wedge since June 1. It currently sits directly under the resistance line. In addition, it seems that the price has completed what resembles an inverse head-and-shoulders pattern, which is considered bullish.
Therefore, there is a bullish reversal pattern inside a bullish reversal pattern.
- The Bitcoin price has broken out from a short-term descending resistance line.
- There is resistance at $9,650 and $9,820.
- The price is trading inside a longer-term descending wedge.
We Are Probably Witnessing the Start of a DeFi Crypto Bubble
It’s, of course, too early to say anything with a great deal of certainty. Still, the striking success of Compound’s DeFi token distribution launch last week has indeed generated a lot of hype within the community. Just in case you’re out of the loop, here is our earlier coverage of the distribution of COMP tokens.
From virtually nothing, buyers bid up COMP to an impressive peak at $325 over the weekend. That made it even more valuable than many other top-performing assets, including the likes of NEO, IOTA, and DASH.
However, the real question now within the broader cryptocurrency community is, are we witnessing the next bubble?
ICX and DUSK May Have Finished Correcting
The daily ICX chart shows that the price has been declining since reaching a high of 4,046 satoshis on May 26. However, it’s possible that the price has finished correcting, as evidenced by the bounce from the 0.618 Fib level on June 15. The subsequent reclaim of the 0.5 Fib level along with the 100-day moving average (MA) also reinforce that idea.
DUSK, Meanwhile, has been declining since reaching a high of 400 sats. At this juncture, the 345 satoshi level is likely to act as support, further outlined by the presence of the 100-day MA and the ascending support line.
Miners Don’t Care About Long-Term Health of the Ethereum Ecosystem, Says Team-Lead
The Ethereum community is currently polarized between two diametrically opposite views on the proposed gas limit increase. In case you missed it earlier, ETH miners are voting to raise the gas limit from 10 to 12.5 million gwei.
Industry observers, including Ethereum team lead, Péter Szilágyi, think the planned increase is, in fact, a poor decision on the miners’ part. Szilágyi alleges that these miners only act in their self-interest and their actions are detrimental to the health of the overall ETH ecosystem.
The post Bitcoin Aims High, Is DeFi a Bubble? ICX & DUSK Technicals (and More): Crypto News Roundup appeared first on BeInCrypto.
Source: Be In Crypto